AML-CFT Compliance Program

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AML-CFT Program Design and Implementation, AML-CFT compliance, AML-CFT training, compliance program, due diligence, KYC, KYE

AML-CFT Compliance Program With the Help of Risk Insight Experts

AML-CFT compliance program (anti-money laundering – counter-terrorist financing program) is a mandatory requirement in order to operate in all those sectors that are subject to AML-CFT compliance legislation. Historically, compliance has been imposed to financial institutions. Nowadays, real estate brokers, precious metal import-export companies, lawyers, accountants, corporate service providers, casinos, among others, are obliged to implement their own AML-CFT compliance program and to conduct due diligence of clients, providers and employees.

The main goal of an AML-CFT program is to protect the company against financial crimes, money laundering and terrorist financing and to ensure that the company is in full compliance with international and national laws such as the U.S.A Patriot Act and the Bank Secrecy Act in the United States.

For that reason, designing, structuring and implementing these programs should be the top priorities of any company that operates in the business sectors subject to compliance laws and regulations.

At Risk Insight we are expert in helping our clients design, structure and implement a robust AML-CFT compliance program to protect their company from legal, financial, organization and reputation risks.

An AML-CFT compliance program should be risk-based: product and services risk; customer risks; and geographical risks. Some aspects of a company’s business may pose greater risks than others and will require additional controls to mitigate them. For example, a gold or emeralds importer in the United States should make sure that gold and emerald providers, which are usually located in South America, comply with the United States regulations and that sanctions imposed on specific countries are not circumvented.

The anti-money laundering function is usually managed by a dedicated department of the company. Although the ultimate responsible for AML-CFT compliance bears with the company, some functions may be outsourced to AML-CFT compliance experts.

Before designing an AML-CFT compliance program, it is key to understand what is required of a company, its employees and customers by the laws and regulations of all of the jurisdictions where the company is doing business and where its customers and providers are located.

The elements that must be addressed in the program are:

  • Internal policies, procedures and controls
  • A compliance function
  • An ongoing employee training program
  • An independent audit function to test the overall effectiveness of the program

Any company needing advice on the complexities of AML-CFT legislation before developing an AML-CFT program should seek the external assistance of Risk Insight experts.

Risk Insight experts can help your company design, structure and implement a robust AML-CFT compliance program to protect your company from legal, financial, organization and reputation risks.

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